Gastar Exploration credit line increased 19 pct to $47.5 million
By APTuesday, October 5, 2010
Gastar Exploration credit line expanded
HOUSTON — Gastar Exploration Ltd. said Tuesday a company credit line has been expanded by almost 19 percent to $47.5 million.
The Houston oil and natural gas producer said its borrowing base under the company’s credit agreement was raised by $7.5 million from $40 million. The base was previously reduced as a result of delays in returning its Belin No. 1 well to production.
President and CEO J. Russell Porter said the company doesn’t expect to draw from this credit line anytime soon.
Gastar explores and develops natural gas assets in North America. It owns and operates exploration and development acreage in East Texas, West Virginia and Pennsylvania.
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